Teekay(US:TK)2021-05-13 14:28Financial Performance - Teekay Corporation's total adjusted EBITDA was $202 million in Q1-21, slightly up from $201 million in Q4-20[5, 6] - Consolidated adjusted net income was $11 million, or $0.11 per share, in Q1-21, compared to $3 million, or $0.03 per share, in Q4-20[5, 8] - Teekay LNG's Q1-21 adjusted net income was $60 million, or $0.61 per unit, slightly better than Q4-20[16] - Teekay Tankers reported an adjusted net loss of $22 million, or $0.65 per share, in Q1-21, compared to a loss of $40.7 million, or $1.21 per share, in Q4-20[18] FPSO Segment Wind-Down - Teekay expects to reduce total accrued asset retirement obligations (ARO) in Q2-21, assuming decommissioning agreement conditions are met by June 2021[10] - Phase I of the Banff decommissioning project was completed below budget, with a net negative EBITDA of $1 million in Q1-21, $3 million ahead of expectations[12] - A conditional agreement was entered into in April 2021, where the customer will take over remaining Phase II decommissioning responsibilities for the Banff field[12] Teekay LNG (TGP) - Teekay Parent is expected to receive $43 million per year in cash distributions from TGP based on the new distribution level[16] - LNG fleet is now 98% fixed for the remainder of 2021 and 89% fixed in 2022[16] - Increased common unit distribution by 15% to $1.15 per unit on an annualized basis[16] Teekay Tankers (TNK) - Teekay Tankers had a liquidity position of $372 million as of March 31, 2021, with a net debt to cap of 32%[18]